International Fund for Agricultural Development Act 1987

Overview

The International Fund for Agricultural Development Act 1987 was enacted to authorise Australia's contribution to the International Fund for Agricultural Development, an international financial institution focused on alleviating poverty and hunger in developing countries. This Act was passed by the Queen, in Parliament, to allow the Minister for Foreign Affairs to notify the President of the Fund of Australia's intention to contribute funds up to a specified amount. The policy objective of this Act is to support global agricultural development and, by extension, economic growth and food security in developing nations. The Act facilitates the issuance of promissory notes by the Treasurer to meet these contributions, with payments sourced from the Consolidated Revenue Fund. This legislative framework was established to ensure that Australia could effectively participate in international efforts to support agricultural development, thereby contributing to global poverty reduction and food security initiatives. The Act underscores Australia's commitment to international cooperation in addressing critical issues in developing countries through financial support to the International Fund for Agricultural Development.

Scope and Application

The International Fund for Agricultural Development Act 1987 applies to the Commonwealth of Australia and authorises the Minister, on behalf of Australia, to contribute to the International Fund for Agricultural Development (Fund) up to a specified aggregate amount. This Act allows for the Minister to notify the President of the Fund of Australia's intention to make such a contribution. Additionally, the Act provides for the Treasurer to issue promissory notes on behalf of Australia for the payment of the contribution, with the notes being non-negotiable, non-interest-bearing, and payable at par value on demand. The funds required for these payments are to be sourced from the Consolidated Revenue Fund, which is appropriately appropriated for this purpose. The Act's provisions apply nationally within Australia and do not explicitly state any exclusions, exemptions, or thresholds beyond the specified contribution limit. The Act itself does not extend or restrict its application through subordinate instruments.

Key Provisions

The International Fund for Agricultural Development Act 1987 (section 1) authorises Australia's contribution to the International Fund for Agricultural Development, which is referred to as the "Fund" throughout the Act (section 3). The Act came into effect on the day it received Royal Assent (section 2). The Minister is empowered to notify the President of the Fund of Australia's intention to contribute up to $8,472,570 in total (section 4). To facilitate these payments, the Treasurer can issue promissory notes to the Fund, which are non-negotiable, non-interest-bearing, and payable on demand at their par value (sections 5(1) and 5(2)). The funds required for these payments, including those under the promissory notes, must be sourced from the Consolidated Revenue Fund, which is appropriately appropriated for this purpose (section 6). The Act imposes specific obligations on the Minister and the Treasurer. The Minister must formally notify the President of the Fund of Australia's contribution intention, ensuring that this notification does not exceed the specified aggregate amount (section 4). The Treasurer, on behalf of Australia, is responsible for executing and issuing the promissory notes to the Fund as a means of making the agreed contribution payments (section 5). Both roles ensure that the legislative intent to support agricultural development through the Fund is carried out efficiently and within the prescribed limits. Breaches of the Act or its provisions do not explicitly outline specific offences, penalties, or consequences within the text provided. However, it can be inferred that any failure to comply with the stipulations regarding the contribution limits, notification procedures, or the issuance and payment of promissory notes could potentially lead to administrative or financial repercussions. While the Act does not specify penalties, non-compliance could result in legal scrutiny, administrative penalties, or the need for corrective actions to ensure adherence to the legislative intent. The absence of detailed penalties in the provided text suggests that compliance is primarily enforced through administrative oversight rather than specific punitive measures.